PRECIOUS METALS | BMI Commodity Research Maintains 2026 Average Gold Price Forecast at $4,600 an Ounce

BMI Commodity Research, a unit under Fitch, said it remains bullish on gold and kept its forecast for the average gold price in 2026 unchanged at $4,600 per ounce. According to Odaily, the institution also said it believes the U.S. Federal Reserve will not make any interest-rate moves this year. BMI said that, as noted last week, the Fed’s hawkish tone has pushed up expectations for rate hikes, creating significant downside risk for gold. However, it added that if inflation pressures linked to Middle East conflict ease as expected following the recent U.S.-Iran agreement, the most likely outcome is that interest rates remain unchanged for an extended period. BMI said short-term gold price movements may be driven by Fed policy signals, and that precious metals are vulnerable in the near term to repricing of market expectations and renewed U.S. dollar strength.